Lloyds Banking Group has been forced to swallow a £600m debt-for-equity swap at Admiral Taverns, the pubs group, in the latest fallout from the banking group’s ill-fated merger last year with rival HBOS
Managed pubs and those offering cheap food are set to fare better than tenanted players in a bumpy ride for British pubs next year due to increased taxes, thriftier drinking habits and competition from supermarkets
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